ECON 214 Documents

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ECON 214
PROBLEM SET 5
1) What are the three functions of money? Which function is the defining characteristic?
a. a medium of exchange, a unit of account, and a store of value
b. The defining function is as a medium of exchange
2) How is the discount rat

ECON 214 Dowling
PROBLEM SET 4
1) Explain the difference between a budget deficit and the national debt.
Budget deficit is a particular years shortfall in revenue; National debt is the total of all
accumulated and unpaid deficits over multiple years.
2) U

ECON 214 - Dowling
PROBLEM SET 2
1) A country with a civilian population of 90,000 (all over age 16) has 70,000 employed and
10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and
another 3,000 are structurally unemployed. On

ECON 214
PROBLEM SET 3
1) What is human capital, and how is it different from strictly the quantity of workers
available for work? Name three ways to increase a nations human capital. Is an increase
in the size of the labor force also an increase in the h

ECON 214 Dowling Problem Set 1
PROBLEM SET 1
1) If Max receives an unemployment check, would you include that transfer payment from the
government in this years GDP? Why or why not?
No because it is just a transfer of funds from one organization/person to

ECON 214
PROBLEM SET 5
1) What are the three functions of money? Which function is the defining characteristic?
Money has three functions: as medium of exchange, as a unit of account, and as a store of
value. A store of value is the defining characteristi

Problem Set #1
1) If Max receives an unemployment check, would we include that transfer payment from the
government in this years GDP? Why or why not? No. This is because transfer payments made to
households by the government are not direct purchases of n

Torry, H. (2016, May 04). U.S. Productivity Shrinks Again in First Quarter. Wall Street Journal. Retrieved
from http:/www.wsj.com/articles/u-s-productivity-fell-1-in-first-quarter-1462365346
PRODUCTIVITY
In this article Torry discusses how the U.S. produc

ECON 214
PROBLEM SET 3
1) What is human capital, and how is it different from strictly the quantity of workers available
for work? Name three ways to increase a nations human capital. Is an increase in the size of
the labor force also an increase in the h

ECON 214
PROBLEM SET 1
1) If Max receives an unemployment check, would you include that transfer payment from the
government in this years GDP? Why or why not?
No, you would not include the transfer payment from the unemployment check because
transfer pay

Ikenson, D. (2015, June 03). How Simple Changes to Tariffs Could Help U.S. Manufacturers. Wall
Street Journal. Retrieved from http:/on.wsj.com/1ALIBk6
INTERMEDIATE GOODS
In this article Ikenson discusses how U.S. manufacturing does very well, but it could

ECON 214
PROBLEM SET 2
1) A country with a civilian population of 90,000 (all over age 16) has 70,000 employed and
10,000 unemployed persons. Of the unemployed, 5,000 are frictionally unemployed and
another 3,000 are structurally unemployed. On the basis

ECON 214
PROBLEM SET 5 ANSWERS
1) The three functions of money are that money serves as a medium of exchange, a unit of
account, and a store of value. The main defining characteristic is that money serves as a medium
of exchange in an economy.
2) The disc

ECON 213
PROBLEM
Name: _Matthew Mault_
SET 1
Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2.
1. Based on the information provided for the market for video games, answer the following questions.
PRICE
$50
$45
$40
$35
$30
Q
D

ECON 213
PROBLEM SET 2
Name: _Matthew Mault_
Problem Set 2 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 4.
1. The following table presents data for wages in the market for internet security
professionals.
(HINT: in the labor market the r

ECON 213
PROBLEM SET 3
Name: _Matthew Mault_
Problem Set 3 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 6.
1. Data for the market for graham crackers is shown below. Calculate the elasticity of
demand between the following prices.
Price

ECON 213
PROBLEM SET 4
Name: _Matthew Mault_
Problem Set 4 is to be completed by 11:59 p.m. (ET) on Friday of Module/Week 8.
1. Movies are distributed in a variety of forms, not just first run theatrical presentations.
What other ways are movies distribut

ECON 213
PROBLEM SET 4
Problem Set 4 is to be completed by 11:59 p.m. (ET) on Friday of Module/Week 8.
1. Movies are distributed in a variety of forms, not just first run theatrical presentations.
What other ways are movies distributed? What are the diffe

A sunk cost is a cost that has already been incurred by an entity and cannot be
recovered. The opposite of a sunk cost is a future cost that a business may face in the
future. Examples of sunk costs include inventory costs and R&D. It is important to note

Public goods are both a blessing and a curse. Public goods are commodities like
basic tv channels, firework shows, national defense, sewers, public parks, and radio.
Public goods can either be considered non-rivalrous and non-excludable. The problem
assoc